The Philippine bank gets the go-ahead for its proposed rights issue and says it will fix the price on June 5 at a discount of up to 20% to 25% versus the 10- to 15-day VWAP.

BDO Unibank, the Philippines’ largest bank in terms of total assets, has received approval from the Philippine Stock Exchange for its planned rights issue and said late last week that the offer period will run from June 18 to 27. It also confirmed that it will seek to raise $1 billion from the deal, making it one of the largest follow-on share issues ever in the Philippines.